Should You File Bankruptcy Yourself?
How to file bankruptcy yourself: You can get the forms, and do-it-yourself instructions, a listing of federal bankruptcy courts, and exemptions on-line for free. Or you can get do-it-yourself kits at book and stationary stores, the cost is around $25. If you choose to file your bankruptcy, once you have filled out the forms yourself you will need to find the information that applies to your state and go to the local courthouse you are zoned for. You will need to get a list of exemptions for your state (every state is different) to use when filling out your bankruptcy forms. Chapter 7 Bankruptcy, is known as a fresh start. Your debts are canceled, but you must give up any nonexempt property to a trustee to pay to your creditors. It is possible to keep secured property if you are making regular payments. In chapter 7 bankruptcy the trustee, appointed by the court, will take your non-exempt property and it will be used to pay back your creditors. When you file bankruptcy yourself, you will still be required to go to court one time for a meeting of creditors. Creditors are allowed to attend and ask you questions. Most cases are settled within 4 to 6 months from filing. Chapter 13 Bankruptcy, is known as reorganization, the wage earner plan. Chapter 13 allows you to keep valuable property, such as your home and or car, if you are able to make the necessary payments. That is usually the regular monthly payments plus a payment toward the arrears. With Chapter 13, you can have between three and five years to pay back the arrears. When you file bankruptcy yourself you will need to be prepared to pay the court filing fees, for Chapter 7 it is around $200. and for Chapter 13 it is around $185. You are not required to pay the fees in order to get your paperwork filed, but will have to pay the fees within a reasonable time after filing, payment plans can be arranged. Once you have filled out all your paperwork, take it to your local bankruptcy court and file them, they will give you information on where to go to take the credit management class which is required by federal bankruptcy law. File bankruptcy yourself, this is a very tedious task, all forms must be filled out correctly, even a small error can affect whether or not your bankruptcy will be discharged. This is why most people choose to seek the advise of an attorney. |
